Watson Wyatt Settles Up Actuarial Litigation
March 26, 2007 (PLANSPONSOR.com) - Watson Wyatt has
settled a lawsuit relating to actuarial services, paying $110
million to the trustees of the Iron Workers, Local No. 25
Pension Fund.
Reported by Nevin E. Adams
According to a Securities and Exchange Commission filing , the previously disclosed lawsuit related to actuarial services provided to the fund during the 1990s. Watson Wyatt said that while it did not acknowledge any wrongdoing, it agreed to resolve the claim given the unpredictability of litigation.
Under the terms of the settlement, a payment of $110 million will be made to the fund, the total amount of which is covered by the company’s professional liability insurance.
The settlement will have no impact on the company’s financial statements.